Loans

Frequently Asked Questions

Most recent W-2 for all borrowers (complete tax returns required for self-employed individuals)

All pages of most recent bank statement

Is it worth refinancing my mortgage if I only see a small change in my current mortgage rate?

A lower mortgage interest rate will save you money if you plan to stay in your home for more than a few years. You can use our mortgage calculator to see how much you will save by refinancing your mortgage. However, even if you don't pick a lower interest rate, refinancing your mortgage can still save you money by allowing you to roll in higher interest debt, or giving you the flexibility of an interest-only mortgage option.

When can I lock my mortgage rate?

We can lock the mortgage interest rate shortly after you return the completed application to us.

How long does it take to refinance my mortgage?

On average it takes us 3 weeks from taking the application to complete your mortgage loan.

What is APR?

APR (Annual Percentage Rate) is defined as the total cost of credit. More simply put, the APR includes the costs of the loan spread out over the life of the mortgage. The APR was created to help consumers compare mortgage loans offered by various lenders.

What are your fees?

The fees for the loan will depend on the type of loan and other individual factors in your situation; we will be happy to discuss this with you individually. However, the fees are part of the mortgage closing costs and are only paid if we successfully close your loan.

Are there any up front costs?

The only up front cost of your loan is for the appraisal, which is paid to an independent third party company. In most cases the cost of the appraisal is approximately $400.00.

Have another question? We're here to help. Stop by our Residential Mortgage Lending Department today, or phone us at 215-789-4480. Toll Free: 855-731-3904.